Business owners do not succeed alone

A common misconception in small businesses is that everything depends on the owner of the business. While the owner plays a key part in the success, he or she does not do it alone.

Is the core of your business premise how you will succeed? Feeling lonely? The primary reason that “it is lonely at the top” is that leaders are trying to make it all about them.

A one-person business or a business with hundreds of employees can find sustainable success by following this sequence:

The right team

The owner/CEO recognizes sustainable success is building the right team. His or her focus is on the vision and the compelling reason for why the business exists. If this vision is not present, then a cycle of continuous activity consumes the business and he or she never finds success.

A business of one

How does one find success when he or she is the only one in the business? Glad you asked. Several dimensions come to play:

• Customers. Business owners today must engage their customers as to why they should select your product/service over others. Seeking feedback from your customers is first place to begin. Customers’ input is critical — and gives you a set of eyes to see your business in perhaps a new perspective.
• Industry peers. While it may not be wise to embrace your competitor across the street, the input and experiences of others in your industry is essential to best practices and discerning where the market is moving.
• Trade organizations. In this category, I place the chamber of commerce and local entrepreneurial groups that relate not only to best practices but understand local government regulations and business issues.

Sole owner with employees

You may be the owner but I suspect your customers see much more than just your face or feel more of your firm’s influence than just you. Remember:

• Employees like to be valued and grow. What effort are you making to build a culture in which employees thrive? When they thrive, their satisfaction creates enthusiasm and excellent customer service.
• If you have a number of employees and the work is distributed among them, what are you doing about planning your succession? This entails much more than just about planning your replacement if something happens. It involves training and mentoring employees to replace you, developing leadership for today and tomorrow and reinforcing your employees’ sense of value — all of which lead to successful business practices.
• Business owners do not succeed alone.